The Council of the European Union today reached a political agreement to increase the financing of the European Peace Facility (EPF).
The Council notably decided to increase the overall financial ceiling by €2 billion (at 2018 prices) in 2023, with the possibility of further increases at a later stage. The total increase in the EPF’s overall financial ceiling until 2027 will amount to €5.5 billion (at 2018 prices).
According to a Council press release, “this decision sends a clear political signal of the EU’s enduring commitment to military support for Ukraine and other partners alike”.
“Today’s decision will ensure that we have the funding to continue delivering concrete military support to our partners’ armed forces. In less than two years, the European Peace Facility has proven its worth. It has completely changed the way we support our partners on defence. It makes the EU and its partners stronger,” said Josep Borrell, EU High Representative for Foreign Affairs and Security Policy.
The agreement will be formalised in early 2023.
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